Hi all - joining a REPE shop starting January that specializes in office / industrial properties. I've been recommended to become familiar with Argus before I start. I have some basic guides but I would appreciate any additional materials.
Also, would love any tips in general for how to excel as an analyst / intern.
Thank you in advance.
Hi pere_85382, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:
More suggestions...
I hope those threads give you a bit more insight.
Start adding brokers in target markets to your LinkedIn.
Acquisitions is first a sourcing job, then an UW job.
It’s about seeing as many opportunities within your target market as possible.
That being said, don’t overstep if your team has relationships with brokers. Merely add them as connections and signup on their mailing lists.
This way you can share opportunities with your team.
Later ask if it’s ok to do outreach. One advantage you have is reaching out to the junior most broker (typically listed last on an OM) as you’ll have instant rapport due to age and experience.
Good luck, dude!
Good tip, although I would stress that acquisitions is first an UW job as an analyst. Nobody expects you to bring in deals. That being said you should absolutely still be networking and building these connections when you DO reach a level where your job is to start sourcing.
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I think reaching out to the young guy on all the major brokerage teams in your market is a great idea. As an acquisitions analyst you're not expected to source deals but at some point you will be, makes sense to start building that relationship now. The young guy on the brokerage team will also likely be excited to start building relationships with someone on the principal side.
Ask your interviewer/point of contact if they can pass you along a couple old models and investment committee memos. Learn the model cold and know where everything flows. Make F2 your best friend. Also as a side note, really do try and learn excel without a mouse, not to be a loser hardo but to actually better yourself. If you are able to know the model well before you start this puts you at a big advantage. Be sure to familiarize yourself with ic memos and how your team structures them, where all the info comes from (in house, models, green street, arcgis, etc.), the language they use, and really the overall work quality. I started straight in repe from college. I was part of our investment fund in college which was run by a former hedge fund guy, so I though I know how to write. I hit the desk and realized I didn’t know shit about writing an IC memo. Happy for any follow up questions and good luck!
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F2 is great, but don’t forget about Ctrl + [
As an intern and/or analyst, I would abstain from attempting to create a network immediately into a new role - it doesn't give off the right impression. I would focus on being accurate, diligent, and focused. Once your team learns to trust you and your work product, they'll bring you into the fold and you'll have the agency to source/network. Put your head down before you fill your rolodex. Just my 2 cents as I've seen the former play out terribly.
Yeah agree. If you’re going to try and network hard as an analyst you better be really damn good at your primary job functions.
Brush up on your Excel.
This will sound mean but I promise you it's not meant to be - interns aren't going to be expected to do much and are generally a lot of work for people. That last part is especially important to remember. Hopefully they have a few "bigger" projects for you to put your head down on. If they don't, the day to day is going to be challenging. You are going to be bored, so try to find some things to do on your own. Read through past deal memos, learn how to build a waterfall, etc.
Go above and beyond on the things they do give you - speed is not important for an intern (within reason), but if you deliver work product that is rushed and half-assed you're going to annoy people. Generally when we have interns, I have to come up with projects for them to work on (which takes time out of my schedule - I'm happy to do it, but it's something that takes up my time), and nothing annoys me more than a project that I know should take a couple days is done in an afternoon and is crappy. Delivering really quality product that is a day late is far more preferable than the opposite, unless your project has a deadline.
Anything that you don't know, write down and find a time with an analyst or associate once a week (maybe share the load around a few different people) to go through your questions. There is nothing too simple for an intern to ask. You don't get bonus points for not asking questions. I will always find time to sit down and teach someone that is earnest and wants to learn.
Be normal, do a good job on the stuff they give you, try not to pester too much and don't take the work you do too seriously. The future of the company does not ride or die on your operating expenses project. Internships should give you a flavor for the company and the work they do. Do you want to do this full time? That should try to be a question you answer. Take people at your company out to lunch. Usually even the CEO (of a small to moderately sized company; Jon Gray will not) will be happy to grab lunch with an intern.
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